The Naira chalked up N11.17 or 0.75 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 31 to sell for N1,474.78/$1 compared with Thursday’s closing price of N1,485.95/$1.
Also, in the official market, the Nigerian currency improved its value against the British Pound Sterling during the session by N3.32 to quote at N1,371.32/£1 versus the preceding day’s N1,915.53/£1 and against the Euro, it firmed by N3.82 to sell for N1,617.72/€1, in contrast to the N1,613.89/€1 it was transacted a day earlier.
Similarly, the Nigerian Naira gained N10 against the Dollar in the parallel market yesterday by N10 to trade at N1,600/$1 compared with the previous trading session’s rate of N1,610/$1.
The pressure on the Naira further eased as the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, reaffirmed the apex bank’s commitment to price and monetary stability, saying it has yielded measurable progress.
“We have seen relative stability in the foreign exchange market, a narrowing exchange rate disparity, and a rising external reserves of over $40 billion as of December 2024,” he said during the week.
Mr Cardoso stressed that managing the disinflation process requires a careful balance of policies that mitigate short-term costs while anchoring long-term stability, noting that the CBN was fully committed to ensuring price stability while minimising adverse effects on growth and livelihoods.
In the cryptocurrency market, the comments by President Trump on Thursday on the imposition of tariffs on Mexico and Canada plunged the landscape, with Solana (SOL) shedding 3.1 per cent to close at $230.47 and Bitcoin (BTC) losing 2.1 per cent to sell at $1o2,349.21.
Further, Cardano (ADA) slumped by 2.0 per cent to $0.9428, Ripple (XRP) declined by 1.5 per cent to $3.04, Dogecoin (DOGE) dipped by 0.9 per cent to $0.3271, Binance Coin (BNB) depreciated by 0.7 per cent to $674.77, and Litecoin (LTC) tumbled by 2.6 per cent to $116.78.
However, Ethereum (ETH) expanded by 0.9 per cent to $3,292.66, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.